Answer:
a.Supplies expense would be debited for $600.
Explanation:
Assuming there is no opening Inventory:
End of period supplies balance = Opening balance + purchases in the period - Expense for the period
200 = 0 + 800 - Expense for the period
Expense for the period = 800 - 200
Expense for the period = 600
So the correct option is a.Supplies expense would be debited for $600.
The influx of cheap goods from <u>Europe</u> accelerated the loss of manufacturing jobs in the united states during the great recession.
<h2>What caused the great recession?</h2>
The Great Recession referred to period of general decline such as recession that was observed in national economies globally that occurred between 2007 and 2009.
The causes of Great Recession included combination of vulnerabilities that developed in the financial system along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012.
Read more about Great Recession
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Answer: $150,000
Explanation:
Seeing as the litigation expense will only be paid in 2018, it should be added back to income for 2015.
= 900,000 + 100,000
= $1,000,000
As the depreciation will reverse evenly over the next three years and with future income probable, it should be removed from income.;
= 1,000,000 - 300,000
= $700,000
Municipal Bonds have the advantage of being Tax-exempt so their interest income should be removed to calculate how much tax should be paid.
= 700,000 - 200,000
= $500,000
2015 Income Tax Payable = 500,000 * 30%
= $150,000
Answer:
Adjusting Entry
Cost of goods sold (Dr.) $11,000
Beginning Inventory (Cr.) $6,000
Purchases (Cr.) $5,000
Closing Entry
Ending Inventory (Dr.) $2,000
Income Summary (Cr.) $2,000
Explanation:
The adjusting entry is made by debiting cost of goods sold account which reflects the amount of inventory sold during the month and the entry is credited by beginning inventory of $6,000 and the remaining amount which is $5,000 is credited in purchases account.
The closing entry is made by debiting the ending inventory by the amount of $2,000 and Income Summary account is credited by the same amount to close the inventory account.
